AUD/USD: Bouncing off the 0.6403/0.6374 support area – Commerzbank

AUD/USD bounced off the 0.6403/0.6374 current May lows and is well placed to tackle the 0.6570 April high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“Above the 0.6570 April high we look for a test of the 0.6663/84 March high and the 200-day moving average where we would expect it to struggle. Above here would target 0.6910, the 2013-2020 resistance line.” 

“Below the 0.6403/0.6374 recent lows meanders the 55-day ma at 0.6299. Further down lie the 0.6265/55 16 and 21 April lows.”